NetoBrokers is a forex brokers, which offers multiple account types, as described above. The minimum volumes per trade are rather high for our liking, as they limit the risk management potential for bigger traders. Additionally, Sheriah-compliant (swap-free) accounts are available.

The Company. Security of Funds

Company

Country

Regulation

Uniqueness and Faith PA

UK

N/A

NetoBrokers is a trademark owned by Uniqueness and Faith PA, a UK-based company. That being said, they are not regulated by the Financial Conduct Authority (FCA). This is troubling for us, as all unregulated companies are.

The main reason for our worries should be obvious to the more experienced traders – when trading with such a company, there is no guarantee you will ever see your money after depositing it with them.

On the other hand, companies registered with the FCA are much more reputable. They are forced to obey the rules enforced by the agency, which are quite strict. When it comes to the security of your funds two of them are the most crucial: segregation of client accounts and participation in the local compensation scheme.

Segregated accounts mean the company can’t access its traders’ capital and spend it freely. This prevents scammers from simply accepting your money and not providing any trading. The Financial Services Compensation Scheme (FSCS), on the other hand, is a system, which functions similarly to an insurance company. Brokers transfer small portions of their profits to a collective pool. This then serves as a guarantee against any one of them going bankrupt. If you trade with an FCA-regulated broker, your account will be covered up to £50,000.

Trading Conditions

Minimum Initial Deposit
The minimum deposit at NetoBrokers is $500. This is relatively high level for the current environment, which offers a lot lower levels. For instance, FXCM only requires a $50 initial investment.

Remember that by itself the level does not reveal anything about the broker’s credibility (unlike their regulatory status).

Average spreads & Commissions
The costs of trading at NetoBrokers are high, when compared to the competition, except for the VIP account type. Nowadays most brokerages offer spreads, starting from 1.0-1.5 pips. To get full details, be sure to check our spread comparison platform.

After opening a demo account at the company, we saw a 3 pips fixed spread on EUR/USD, which while in-line with their claims is still odd. They don’t mention the fact their spreads are fixed anywhere. That being said, the demo version may be different from the actual real-account environment (although that would defy its purpose).

Leverage
The leverage cap at NetoBrokers is 1:200. While this is a solid level, one may believe it to be low, if he is following the industry. A lot of brokers offer 1:500 in levcerage. XM even uses their ratio as an advertisement – the company offers 1:888, which is very catchy.

Keep in mind, higher leverage ratios allow you to take bigger risks, which can lead to very swift losses. Be sure to fully understand your position sizing before you start trading.

Trading Platforms

NetoBrokers offers MetaTrader4 (MT4).This is the most popular currency trading platform, despite being relatively old. While the company behind it has released a newer version, a lot of brokers and traders still prefer the old software. This is at least partially due to the thousands of custom technical indicators and automated trading systems, which are available for it.

That being said, here is a preview of NetoBrokers (click to zoom-in):

Methods of Payment

NetoBrokers accepts deposits via the traditional methods: Credit/Debit Card and Bank Transfer. While there are a couple of logos of e-wallets at the company’s website, the account management screen does not support them. We are not certain if they will be applied in the future or they have put the Skrill logo in order to attract customers.

Conclusion

NetoBrokers is an unregulated broker. The company offers rather wide spreads for most of its customers, with the only decent conditions being provided to VIP account holders. The deposit requirement for that account type are very high, not that we would recommend dealing with an unregulated company altogether. Here are the strong and weak sides of NetoBrokers:

FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.

easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.

Forex trading carries a high level of risk and may not be suitable for all investors. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it.
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